Gates gets a pay rise

SpinnerSpinner Birmingham, UK
edited September 2003 in Science & Tech
Microsoft's top executives all got a slight salary bonus last year, according to the company's annual proxy statement. CEO Steve Ballmer and Chairman Bill Gates each reveived $551,667 in pay and $313,477 in bonus last year, which is up from $547,500 in salary and $205,810 in bonus the previous year.
Jim Allchin, who heads Microsoft's Windows operating system business, received $505,624 in salary and $400,000 in bonus, up from $495,195 and $400,000, respectively, in 2002. Jeff Raikes, who heads the Microsoft Office unit, earned $524,309 in salary and $300,000 in bonus, up from $495,083 and $250,000 a year ago.

While Gates and Ballmer received no stock options, other Microsoft executives did: Allchin and Raikes each received 1.3 million options at $23.99 and Chief Technical Officer Craig Mundie was granted 700,000 options at the same price.

The proxy statement indicated that Microsoft is asking shareholders to approve changes to its stock compensation plan. In July, Microsoft announced plans to shift from granting options to employees to awarding actual shares of restricted stock.

Microsoft is also seeking approval for its plan to add two members to its board of directors, a move announced earlier on Thursday. The company wants to add BMW Chairman Helmut Panke, in addition to former AT&T Vice Chairman Charles H. Noski.

In addition, those who own Microsoft shares will also be asked to vote on a proposal by one shareholder that the company "refrain from making direct charitable contributions." The shareholder, Sheila Kippley of Cincinnati, proposes that instead, the company could choose to pay a dividend and "send a note to shareholders suggesting they contribute it to their favorite charity."

In arguing for her proposal, Kippley quoted Thomas Jefferson, who wrote that "To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves is sinful and tyrannical."

Microsoft urged shareholders to vote down Kippley's proposal.

Source - CNN

Comments

  • danball1976danball1976 Wichita Falls, TX
    edited September 2003
    I thought Bill Gates got paid a lot more than just half a million a year. I would have thought it would be closer to $10 million.
  • panzerkwpanzerkw New York City
    edited September 2003
    That's just their base salary from Microsoft Corp. They earned millions more from many other sources.
  • celchocelcho Tallahassee, FL Member
    edited September 2003
    they earn millions from dividends and stock sell-offs (only one dividend... so far, though). their salary doesn't mean anything.
  • astroworpastroworp Northridge, CA
    edited September 2003
    yeah, they got filthy rich off of the success of microsoft's stock.
Sign In or Register to comment.